Zambian, Zimbabwean firms in partnership on mobile money transfer

Zambia's main mobile phone service provider on Thursday announced that it has partnered with Zimbabwe's mobile money giant in a partnership which will enable money transfers by people in the two countries.

MTN Zambia, a subsidiary of South Africa-based MTN, said it has partnered with EcoCash, owned by Zimbabwe's leading telecommunications service provider, Econet, and that the partnership will enable people in the two countries send and receive cash instantly.

"The partnership is an indication of growth and a sign of big opportunities that cannot be covered by boundaries," Wane Ngambi, Head of MTN Mobile Money said in an emailed statement.

He said the partnership would also play a big role in bringing on board unbanked Zambians and Zimbabweans, a move that will result in increased financial inclusion rate.

"The mobile banking story keeps growing on a global scale and MTN Mobile Money was keen on driving its growth not only in Zambia but also in the region, continent or globe, by identifying partners with the same aspirations," he added

According to him, MTN Mobile Money was experiencing dynamic and rapid growth in the telecommunications sector in Zambia by facilitating money transfers, deposits, withdrawals and bill payments, with over 200,000 active transactions on a monthly basis, translating into 23,900 U.S. dollars worth of transactions.

Natalie Jabangwe, EcoCash head general manager, said the partnership will close the gap of banks' transactions time, consuming procedures and expensive international remittances for customers.

"Our role as EcoCash is to ensure that these remittances are channeled through the formal market, for the security of our customers, and also for the benefit of the economy," she said. Endit